(THE NEWSMAN OF INDIA.COM)
Oil and Natural Gas Corp (ONGC) of which Shashi Shekhar is CMD, ONGC reported its highest profit in 17 quarters after net profit in three-months to March 31, 2018 jumped 37 per cent on back of higher oil prices. Net profit in the fourth quarter of 2017-18 at Rs 5,915.12 crore, or Rs 4.61 a share, was higher than Rs 4,340.18 crore net in the same period of the previous fiscal, the company said in a statement.

ONGC realised USD 66.71 for every barrel of crude oil it produced from nominated fields, up from USD 54.91 a barrel it got in January-March 2017. Gas price realisation was also up 15.6 per cent at USD 2.89 per million British thermal unit.

ONGC’s oil production declined 3 per cent at 6.2 million tonnes in the quarter.

For the full 2017-18 fiscal, net profit was up 11.4 per cent at Rs 19,945 crore.

Turnover in the fourth quarter rose 5 per cent to Rs 27,703.54 crore.